No change for ipac and Tynan advisers
There will be no immediate change for advisers and clients of the Tynan Mackenzie group which will soon be integrated under the ipac brand, AMP has announced.
AMP-owned dealer group ipac announced yesterday it would bring Tynan's 37 employed advisers under the ipac brand, with the transition to be managed by the group's chief executive officer Paul Robertson.
Robertson will remain on the ipac leadership team after the transition is completed.
The Tynan Mackenzie brand will be slowly phased out of the market over the course of 2013 in what AMP hopes will be a seamless transition for both its advisers and the 4,400 clients.
The integrated brand would service more than 45,000 clients and have more than $10 billion in funds under advice, AMP stated.
"Clients can continue to expect the same high level of service offered by both ipac and Tynan Mackenzie, but with the benefit of increased scale, supported by a strong business model that is well positioned for the future," said ipac managing director Neil Swindells.
Swindells said the aim of the transition was scale and greater business efficiency.
"This decision has been made as part of an ongoing review to ensure we're providing the best advice proposition for both our advisers and clients," he added.
AMP told Money Management there were no plans to further integrate AMP-owned brands in the near future.
The Tynan Mackenzie group was first incorporated into AXA in 2006, under the ipac brand.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
